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Invocation of S. 263 Not Permissible where ITR filed u/s 44AD: ITAT holds S. 68 Inapplicable without Books [Read Order]

The Income Tax Appellate Tribunal (ITAT),Delhi Bench, held that invocation of revisionary jurisdiction under section 263 of the Income Tax Act, 1961,...

ITAT Upholds PCIT Revision u/s 263 as AO Failed to Enquire into Excess Diesel Shortage Claimed by...

Income Tax Revision Order Unsustainable as PCIT Conducted No Independent Inquiry and AO Had Taken a...

PCIT cannot Revise 80P Deduction on Bank Interest if AO Assessment not Erroneous or Prejudicial to...

Depreciation on Goodwill cannot be Revisited in Later Years Once Allowed in First Year: ITAT [Read...

Standard Assets Eligible for Deduction u/s 36(1)(viia): ITAT Quashes Income Tax Proceedings against Bajaj Finance [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench, upheld that standard assets are eligible for deduction under section 36(1)(viia) and quashed proceedings initiated against Bajaj Finance. ...

General Insurance Companies Entitled to S. 10(38) Income Tax Exemption on Equity Gains: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) ruled that general insurance companies can claim income tax exemption under Section 10(38) on long-term capital gains from sale of equity...

Delay in Filing Form 10 due to Technical Issue Cannot Deny Benefit to Trust: Madras HC condones 530-Day Delay [Read Order]

In a recent ruling, the Madras High Court held that a trust cannot be denied the benefit of exemption under Section 11 of the Income Tax Act, 1961 merely due to a technical breach of delay in filing...

Reopening of Assessment u/s 147 Invalid Due to Defective PCIT Approval: ITAT Quashes Entire Reassessment [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961 are void ab initio when the mandatory...

ITAT Quashes Revisionary Order u/s 263 Against Sabarmati Gas as PCIT Exceeded Scope of Show Cause Notice [Read Order]

The Income Tax Appellate Tribunal (ITAT) atAhmedabad, has set aside a revisionary order passed under Section 263 of theIncome Tax Act, 1961 after holding that the Principal Commissioner of Income Tax...

Failure to obtain Mandatory Approval from PCCIT for Notice Issued Beyond Three Years: ITAT quashes reassessment order [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) quashed a reassessment order and ruled that the Assessing Officer (AO) failed to obtain mandatory prior approval from the Principal Chief ...

PCIT can Sanction Income Tax Prosecution where Alleged Tax Evasion Exceeds ₹25 Lakh: Delhi HC [Read Order]

The Delhi High Court reaffirmed that the Principal Commissioner of Income Tax (PCIT) is competent to sanction the department to launch prosecution under the Income Tax Act, 1961, in cases where the...